UPDATE: SHUT UP: "The Princess Diaries 3" Is in the Works!

Dreams really do come true.

Straighten the royal bedchamber because the stars have aligned, and Disney has answered your prayers! While few details are available at the moment, Hollywood insider site the Tracking Report has confirmed that Disney is officially moving forward with the third installment in The Princess Diaries franchise based on the 2000 Meg Cabot book by the same name. Every question remains, like whether or not Oscar winner Anne Hathaway, who launched her film career playing adorably awkward yet totally incredible, frizzy-haired teen Mia Thermopolis in 2001's original The Princess Diaries, will return. While her role reprisal would be amazing... who cares? It's been waaaaay too long — eleven years! — since we saw Mia in 2004's Princess Diaries 2: Royal Engagement, and the story must continue! Stay tuned for more deets. In the meantime, relive the 12 reasons we are all Mia Thermopolis in The Princess Diaries... minus the princess part.

Update 2:32 pm EST: Unfortunately it looks like the Tracking Report spoke too soon. Entertainment Weekly is now reporting that Princess Diaries 3 is NOT in the works. A source close to Disney revealed there is no sequel or reboot currently in the works.